- Information management services provider ldox on Tuesday extended its existing debt arrangement with its lenders.

'This extension gives Idox a strong platform to continue refocussing its operations and allows the Group time to consider longer-term financing alternatives,' the company said.

The existing banking arrangements were agreed in September 2014 for a four-year term, extended previously to 24 February 2019 and this second extension would run to 25 February 2020, the company said.

As at 31 October 2018, the group had borrowings under the existing arrangement of £25.0m. The facilities included a £17.0m term loan and a revolving credit facility of £23.0m.

Under the terms of the extension, the revolving credit facility would be increased to £24.5m until 1 June 2019 at which point it would revert to £23.0m until the expiry of this extension and the term loan would be reduced by £1.25m on 30 April 2019, with the balance of £5.75m due at the expiry of this extension.

The Group would require the consent of the lenders in the event it intended to propose a dividend.

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